The Finish Line: The Draft Law

Deputies of the State Duma of the Russian Federation voted for the draft law "On digital financial assets" in the second reading.

Purchase of digital rights

The deputies mean business, as the third reading is already scheduled for today, July 22. From the document, digital assets are digital rights, the owners of which can be acquired in specialized and accredited credit institutions, as well as exclusively within the framework of the legislation of the Russian Federation.

Registration of Russian and purchase of foreign digital assets

Russian citizens will have the opportunity to buy digital assets issued outside the Russian Federation, on foreign services. The issue and circulation of digital assets on the territory of the Russian Federation will be regulated by the relevant legislation. To have a crypto business in Russia, you will need to include your digital assets in the appropriate register of the Central Bank of the Russian Federation.

Turnover in the Russian Federation

The law "On CFA" describes in detail the process of ownership and exchange of cryptocurrencies. According to this document, legal entities and individuals (residents of the Russian Federation) don`t have the right to accept crypto-assets "as a counter-provision for transferred goods, services rendered, or any other method that allows them to assume payment in digital currency for goods or services."

Once the deputies pass the draft law, it will come into force on the first day of the next year